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Vietnam fostering ICT cooperation with Latin America

Vietnam has been clear on its digital ambitions that are well articulated in the National Digital Transformation Programme. By 2025, Vietnam is aiming to be one of the 50 leading countries for IT development. Targets to 2030 are even more aspiring and Vietnam wants to be in the group of 30 leading IT countries in the world, universalise fibre and 5G cables, have 100,000 digital technology businesses and have digital technology human resources of 1.5 million people. The programme strategy is multi-pronged; seeking to build local capacity, better infrastructure, attract foreign investment and build international relations around its ICT and its digital economy.

The Vietnam – Latin America ICT Forum 2020 is one such effort to build and foster international interest and investment in the country. The event was held by the Ministry of Information and Communications in collaboration with the embassies of eleven Latin American countries in Hanoi on October 29.

The virtual forum, “Vietnam – Latin America Digital Connectivity”, was organised in efforts to foster cooperation in the ICT domain between Vietnam and the group of participating Latin American countries – Argentina, Brazil, Colombia, Chile, Cuba, Haiti, Mexico, Panama, Peru, Uruguay and Venezuela,

The countries acknowledge that ICT is particularly important to boost collaboration between the nations in the fourth industrial revolution and also in the backdrop of the complex developments of COVID-19 pandemic.

The forum helped sharpen the focus on national digital transformation, the digital economy, the  “Make in Vietnam” digital platforms and updated digital transformation policies in Latin American nations. Several exhibitions highlighting Vietnam’s people and landscapes, and standout products of Vietnamese ICT firms were held in the framework of the forum.

Vietnam has been eager to reinvent itself and key among its strategies is their digital transformation. The nation is are keenly aware of the decisive role perception plays in this. Digital platform development is a breakthrough solution to promote faster digital transformation, reduce costs and increase efficiency. The country also recognises that people are at the centre of digital transformation and that institutions and technology are the driving force of digital transformation.

According to the report “Southeast Asia’s Digital Economy 2019”, Vietnam’s digital economy was valued at $12 billion in 2019. Over the past 5 years, Vietnam’s e-commerce market grew by over 25% per year. Vietnam’s digital economy is forecasted to contribute 5% to the country’s GDP and is expected to reach $43 billion by 2025.

Vietnam has made tremendous strides in its digital economy and tech-related industry and the country has managed to attract many big investors including numerous tech giants. The overall number of ICT firms in Vietnam (both domestic and foreign-invested) are a staggering 46,000 units. Vietnamese ICT industry’s revenue in 2019 was US$ 110 billion, the B2C e-commerce contributed about US$ 10.8 billion and the digital content industry’s revenue was pegged at US$ 850 million.

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